Betting on elections threatens confidence in voting and should be banned, US agency says
The federal government is warning that allowing people to bet on the outcome of U.S. elections poses too much of a risk to be allowed in the United States
ATLANTIC CITY, N.J. (AP) — Allowing people to bet on the outcome of U.S. elections poses a great risk that some will try to manipulate the betting markets, which could cause more harm to the already fragile confidence voters have in the integrity of results, according to a federal agency that wants the bets to be banned.
The Commodities and Futures Trading Commission is trying to prevent New York startup company Kalshi from resuming offering bets on the outcome of this fall's congressional elections.
The company accepted an unknown number of such bets last Friday during an eight-hour window between when a federal judge cleared the way and when a federal appeals court slammed the brakes on them.
Those bets are now on hold while the appellate court considers the issue at a hearing Thursday.
